The Government promulgated Decree No. 83/2010/ND-CP on 23 July 2010 replacing Decree No. 08/2000/NĐ-CP dated 10 March 2000 on registration of secured transactions.
According to Decree 83, the following transactions must be registered: (i) mortgage of land use right; mortgage of artificial forest for production; (iii) mortgage, pledge of aircrafts; (iv) mortgage of ships/vessels; (v) other cases stipulated by specific laws. Transactions other than the above may be registered as per specific requests of the related parties. Subject to nature of the registered assets, Decree 83 regulates the competent State authorities, time of registration, required documents and procedures.
Secured transactions may be registered online via National Database System on secured transactions. Individuals and organizations having such requests shall be granted an account for registering online following the procedures stipulated therein.
With regard to the person who has land use right, housing ownership and/or other assets affixed to land but currently residing far away from town centers may select to register the mortgage transactions at the Bureau of Land Use Right Registrations at district-level or at the communal People's Committee.
This Decree enters into effect on 09 September 2010 and abolish the provisions relating to registration of mortgage and pledge of land use right, aircrafts, ships, etc stipulated in other specific legal documents.
by Lawyers of Bizconsult Law Firm